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IT asset management (ITAM) software, has proven itself to be vital in assisting management and maintenance of IT assets so as to minimize risks. This kind of software is used successfully to assist in forestalling vulnerabilities and ensuring conformity with corporate policies on security. The growing demand for protection of IT assets as well as for automation and centralization of IT infrastructure are key factors driving growth for the ITAM market during the forecast period.

According to a recently published report by Market Research Future, the ITAM software market is likely to witness substantial growth during the forecast period. A rising demand for ITAM software in end-use industries including telecom, manufacturing, transport and financial services has motivated recognition for this market.

High operational and installation costs are market constraints that restrict growth, however the increasing prevalence of SMEs allows smaller companies to adopt cloud based technologies that improve efficiency, reduce costs and offer flexible, tailor-made ITAM software for larger consumer bases while keeping investments low is likely to counter the aforementioned restraint. This is another inadvertent facilitator of growth for this market as entry is not limited to large market players.

Overall, the ITAM software market is projected to continue to grow exponentially, due to the undeniable need for ITAM products to monitor and manage assets.

ServiceNow has recently announced their acquisition of VendorHawk, a leading Software-as-a-Service (SaaS) management company. With this move, ServiceNow is swiftly expanding its capabilities in software asset management by providing complete clarity in use of software licensing and costs.

SAP has announced a new model for sales, audit and pricing for its digital access licensing policies. This new model revolves around providing transparency. The new model allows for customers to use and pay for software licenses with ease and clarifies all relevant rules that govern usage and compliance. The pricing model is the first of its kind and SAP plans to provide resources that assist in educating users to help them understand and choose accordingly.

Regional Analysis

The report’s regional analysis segments the market into North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW).

North America has been the indomitable market leader in the ITAM market. The region, which includes countries like U.S and Canada, have a strong presence of eminent players and a well establish IT industry. Europe follows North America’s lead in terms of market share due to similar growth patterns and the considerable industrialization across the EU in this continent.

However, Asia Pacific is a thriving market and is expected to flourish during the forecast period. Countries such as India, South Korea, China, Singapore and Japan are driving growth in this market, due to the region’s adoption of cloud based ITAM software, and the increasing entry of SMEs in the competitive landscape. The region displays a strong potential for future growth during the forecast period.

In order to provide a comprehensive understanding, the market has been segmented on the basis of deployment and type.

On the basis of deployment, the market has been segmented into on-premise, cloud based and hybrid. Meanwhile on the basis of type, the market has been segmented into hardware asset management and software asset management

The cloud based market segment currently holds the largest share in projected to continue growing at a rapid pace. This is attributable to the presence of competitors who offer ITAM solutions that keep up with current IT developments.